August Residential Highlights
The Portland metro area saw more mixed activity in August, but new listings were up compared with August 2017.
At 4,214 new listings outpaced August 2017 (4,048) by 4.1%, despite cooling 2.3% from the 4,312 new listings offered last month in July 2018.
Closed sales (2,967) increased 8.4% from last month in July 2018 (2,736) but ended 2.2% under the 3,034 closings recorded last year in August 2017.
Pending sales, at 2,760, were 10.2% cooler than August 2017 (3,072) and 10.1% cooler than July 2018 (3,071).
Inventory decreased slightly to 2.3 months in August. Total market time increased to 40 days in the same period.
There were 6,929 active residential listings on the market in the Portland metro region this August.
Average and Median Sale Prices
Comparing 2018 to 2017 through August of each year, the average sale price rose 5.9% from $429,000 to $454,500. In the same comparison, the median sale price rose 5.6% from $379,900 to $401,000.
Year to Date Summary
Activity so far in 2018 is mixed compared to 2017. New listings (30,721) are up 2.9%. Closed sales (20,572) are down 2.0% and pending sales (21,836) are down 2.1%
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